How many people use bitcoin?

hpw many people use bitcoin Bitnovo
5 min read

To know how many people use bitcoin, you need a type of measurement that can give us an approximate value but, in the end, you can only know an estimated version that has nothing to do with reality.

An estimate may be 10 million but in reality only ay 5 because when it comes to guiding you by information that some pages give you about how many users they have or how many virtual wallets and in existence.

It cannot give a specific number since users can create multiple accounts and add multiple portfolios in which they can have from 1 Dollar up to millions saved, so you cannot trust their statistics much, there are also those users who never create a virtual wallet and use the one provided in the cryptocurrency exchange platforms.

42 million bitcoin wallets

Currently, there are over 42 million bitcoin wallets according to data compiled by Statistic. However, most bitcoin users have several bitcoin wallets and use multiple wallet addresses to increase their financial privacy when transacting in bitcoin.

Active users in Bitcoin

If we analyze the number of active users who are actively using bitcoin, it is revealed that only one third of the total number of bitcoin users are actively trading.

Data was also collected that 2 years ago users using bitcoin to make payments is equivalent to the number of 2.3 million users, while 4.8 million users use their bitcoins for speculative trading.

Users who pay with bitcoins represent 11% of the total number of users, while those who use them for speculative commerce represent 23%, this number of users increases daily.

There are also the users who keep their bitcoins who do not spend them on purchases, they keep them for months or years waiting for the rise of the bitcoin, because going from cost 8,000 dollars and that the following year costs 10,000 dollars is always a good annual profit, this is 30% of bitcoin users this number of users also grow daily.

hpw many people use bitcoin Bitnovo

how many users daily use bitcoin

It can be said that there are around 300 thousand transactions daily. But this number is misleading as a transaction can contain multiple recipients.

If we analyze between 400,000 and 800,000 daily transactions, it could mean that the number of unique users would vary between 300,000 and 500,000.

There are also days in which the number of users grows exponentially, reaching up to one million unique users, but this cannot be trusted so much on the data of users connected daily.

Well this other question could help solve how many people use bitcoin, but it would also be a minimum number compared to the real number it could be.

This is because today you may enter to trade your cryptocurrencies tomorrow, you cannot also be one of those who make your purchases weekly or those who prefer to make their transactions annually and leave their cryptocurrencies invested until the following year.

So, it is not a very reliable way to know how many people use bitcoin, here users who manage many accounts could also be taken into account because they are a type of investors who manage the accounts of other users to whom they simply gave initial capital and the investor moves these accounts generating monthly profits

How Many People Know About Bitcoin?

Another is taken into account that perhaps could give us the estimated total of users when asking in the countries if they knew about what bitcoin is.

which gave results that 90% of Americans know about bitcoin, 88% of the population of Japan know that it is bitcoin, 66% of Europeans know that it is bitcoin, 78% in Poland and 79% In Australia, and in China, 40% of the population know about bitcoin. This leaves a large number of users who know what bitcoin is, but it does not tell us if they are active users or if they have ever bought and used a bitcoin.

This leaves us with a problem if they may know that it is bitcoin, but due to fears of investing in bitcoin or a bit of misinformation about how to buy bitcoins, they are not active users in the bitcoin trade also this survey does not make it clear to us if the users whether or not they have a bitcoin. 

Final thoughts

So, no matter how much data we have at our disposal, the information shared by the trading platforms will be very difficult to arrive at a real number.

The only way to know what the real number would be is that a worldwide count of those who trade with bitcoin will be made and even then, there will be the error of those who prefer to remain anonymous and not provide real data, which would damage the whole purpose of this